by The global Super Absorbent Polymers (SAP) Market is estimated to be valued at US$ 9,344.2 million in 2023 and is expected to exhibit a compound annual growth rate (CAGR) of 5.8% over the forecast period 2023-2028, according to a new report published by Coherent Market Insights.
Market Overview:
Super absorbent polymers are high-performance materials that can absorb and retain a large amount of liquid relative to their own mass. These polymers find extensive applications in various industries such as hygiene products, agriculture, medical, and others. The advantages of super absorbent polymers include their ability to efficiently absorb and retain moisture, enhance the performance of products, and contribute to water conservation efforts. The increasing awareness about hygiene and the need for water conservation are driving the demand for super absorbent polymers in various applications.
Market Key Trends:
One key trend in the super absorbent polymers market is the growing demand from the hygiene products industry. Hygiene products such as diapers, adult incontinence products, and female hygiene products require high-performance absorbent materials to ensure comfort and leakage protection. Super absorbent polymers provide excellent absorbency and are widely used in these products to enhance their performance. The increasing population, rising disposable incomes, and changing lifestyles are fueling the demand for hygiene products, thereby driving the growth of the super absorbent polymers market.
Porter’s Analysis
Threat of New Entrants: The threat of new entrants in the Global Super Absorbent Polymers Market is low. This is mainly due to the high barriers to entry, including the requirement for significant capital investment, complex manufacturing processes, and stringent regulations related to product safety and environmental impact.
Bargaining Power of Buyers: The bargaining power of buyers in the super absorbent polymers market is moderate. Although there are several buyers in the market, the concentration of buyers is not high enough to exert significant bargaining power. Additionally, the differentiated nature of super absorbent polymers limits the extent to which buyers can exert pressure on prices and terms.
Bargaining Power of Suppliers: The bargaining power of suppliers in the super absorbent polymers market is moderate. While there are several suppliers of raw materials, such as acrylic acid and sodium hydroxide, the specialized nature of these inputs and limited availability from certain regions can give suppliers some leverage. However, the presence of multiple suppliers and the ability of buyers to switch between suppliers mitigates supplier power to some extent.
Threat of New Substitutes: The threat of new substitutes in the super absorbent polymers market is low. Super absorbent polymers offer unique properties and performance characteristics that make them difficult to substitute. Additionally, the development and commercialization of new substitutes would require significant time and investment.
Competitive Rivalry: The competitive rivalry in the super absorbent polymers market is high. The market is characterized by a large number of players, including both global and regional players. Intense competition is driven by factors such as price, product differentiation, and technological advancements.
Key Takeaways
The global super absorbent polymers market is expected to witness high growth, exhibiting a CAGR of 5.8% over the forecast period. This growth can be attributed to increasing demand from various end-use industries, such as agriculture, personal care, and medical. For example, in the agriculture sector, super absorbent polymers are extensively used in soil moisture retention, enhancing crop yield and water efficiency.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the super absorbent polymers market. This can be attributed to factors such as rapid urbanization, increasing disposable income, and growing awareness about personal hygiene. Additionally, the region is a major producer and consumer of super absorbent polymers, with countries like China, India, and Japan leading the market.
The key players operating in the super absorbent polymers market include Nippon Shokubai Co. Ltd., Evonik Industries AG, BASF SE, Yixing Danson Technology, Kao Corporation, Sumitomo Seika Chemicals Co. Ltd., San-Dia Polymers Global Co. Ltd., Sanyo Chemicals Industries, Formosa Plastics Corporation, and LG Chemicals Ltd. These players are focused on strategies such as product innovation, partnerships, and mergers and acquisitions to strengthen their market position and gain a competitive edge.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
